Top 5 Retail Leases of the Month: JP Morgan, TJ Maxx and More Take 64K SF in February
Retail leases, like New Yorkers hiding from inhospitable weather, kept a low profile from mid-February to mid-March. The top five leases only accounted for 64,156 square feet and ranged from a big bank buy to new food options.
J.P. Morgan Chase came out on top with 24,000 square feet of retail space at 390 Madison Avenue. Combined with 16 full floors of office space, the firm took a whopping 436,905 at the property, which takes up a full block between East 46th and East 47th Streets, just north of Grand Central Terminal. The retail space will host a Chase Bank on the ground floor.
Next up is T.J. Maxx, which added 19,000 square feet on the fourth floor at 250 West 57th Street. The discount retailer now leases 47,000 square feet at the building and extended its lease for an additional 12 years.
The reimagining of South Street Seaport continues full sails ahead as Noho Hospitality Group signed up for 11,000 square feet, joining Jean-Georges Vongerichten and David Chang, who will open restaurants at the $731 million redevelopment project. The group’s lease is for the pier’s first floor and mezzanine level.
Over at 35A Bay Street, on Staten Island, Lighthouse Point Market signed a 15-year lease for 7,000 square feet. The market will open in fall 2018 at the base of the 12-story building and will sell produce and prepared foods. The operator, Sam Choi, also owns Cafe Manhattan, a grab-and-go food spot and buffet at 35 West 45th Street.
Finally, Dig Inn is taking 3,156 square feet at 463 Seventh Avenue. This will be the fast-casual restaurant’s 15th location, and as if to mark the occasion, it signed a 15-year lease at the 22-story, 479,000-square-foot building at the northeast corner of West 35th Street.